The founder of the low-cost airline Ryanair, Dr Tony Ryan, has realised €21.3 million (£16.8 million) after selling Ryanair shares. The shares were sold last Friday and reduces Dr Ryan's stake in the company, which he founded 15 years ago, from 2.34 per cent to 1.84 per cent.

This latest sale means that the Ryan family has sold more than €274 million worth of Ryanair shares since the company floated on the stock market more than four years ago.

When Ryanair floated in 1997, the Ryan family sold €61 million worth of shares and followed this with a €26 million sale in 1998 and another €175 million worth a year later. Dr Ryan's two sons, Cathal and Declan, separately sold €11.4 million worth of shares last year.

Ryanair's chief executive Mr Michael O'Leary has also been a regular seller of the shares and in three separate transactions since the 1997 flotation has sold more than €130 million worth of shares. Mr O'Leary still owns more than 7 per cent of Ryanair.

The apparent ease at which this latest batch of Ryanair shares was sold - indicated by the €11.85 price - is a clear indication of how little Ryanair has been affected by the September 11th bombings and the subsequent devastating impact on the airline and tourism industries.

That €11.85 price is almost 14 per cent above Ryanair's price the day before the September 11th bombings and a full 58 per cent above the €7.50 low reached in the weeks immediately after the bombings.